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West Central Reporter

Saturday, November 23, 2024

Former state university employee Singh paid in $7K to pension fund, could collect $648K in retirement

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Former state university employee Meenu Singh, who retired in September 2016, saved $7,316 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Singh would collect as much as $648,148, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Singh received $13,623 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Singh will have already received $13,623 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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